Copeland Insurance


How Much for Commercial Insurance

Running a business takes hard work and investment. As an owner, you want to ensure your company can operate smoothly and succeed over the long run. One important way to support your business is by purchasing the right cost of commercial auto insurance. Comprehensive business insurance costs nothing and the comprehensive coverage gives you protection when unexpected problems happen. How Much Commercial Auto Insurance Coverage Do You Need? We’ll discuss why commercial and commercial auto insurance costs, including the average commercial auto insurance cost and commercial car insurance cost that insurance companies cover and policies for business vehicles, are valuable for any company. Some key reasons are protecting your property, limiting legal risks and medical expenses, and keeping your business up and running no matter what comes your way. This article will explain the different types of comprehensive coverage and types of commercial insurance policies and what each covers. We’ll also look at how a business insurance, company, or policy satisfies legal requirements and helps keep your employees safe. Most importantly, we’ll see how getting comprehensive business insurance really protects your business’s long-term financial health and stability. By understanding these benefits, you can make an informed choice about the best business insurance company or policy for your unique operation. Let’s start with how your commercial auto accident and business auto insurance companies’ basic coverage and policies, including commercial auto insurance cover, shield your physical assets and operations from costly disasters or mishaps outside your control. Investing in the right commercial auto insurance, business auto insurance, company, and commercial auto insurance cover and policy provides your small business owners with valuable security and peace of mind. Commercial Auto Insurance Policy for Every Business Owner As a small business owner, you undoubtedly work tirelessly to build your company’s success. However, forces outside your control could threaten years of effort in an instant without the proper safeguards. While hoping for the best, comprehensive small business insurance, including commercial personal and small business auto insurance and policies, exists to help plan for events that may challenge operations and finances. The following sections will explore some key areas where a commercial auto insurance purchase coverage, the commercial auto insurance policy itself, car insurance, your commercial auto insurance policy, insurance costs, and other insurance editor other vehicle-related policies provide invaluable protection. Understanding Commercial Auto Insurance and The Costs We’ll discuss how liability insurance for protection in vehicle-related lawsuits and insurance claims regularly confront businesses. Being properly insured minimizes financial damage if legal issues or medical bills arise unexpectedly from company transportation. We’ll also address common contractual, auto liability, and insurance policy requirements and driving risks faced by employee drivers performing duties. By gaining an understanding of these crucial protective aspects of business insurance costs and the average cost of commercial, auto, and personal auto insurance plans, you can save money. You’ll see why virtually every enterprise relies on comprehensive vehicle liability coverage. Let’s get started with safeguarding your business purposes as much as commercial and personal vehicle fleets as valuable operational resources. Why You Should Invest in Commercial Auto Insurance Limit Liability from Accidents As with any vehicle fleet, much is the cost of commercial auto insurance costs for one, business-related road incidents pose risks beyond repair costs. If a business that owns a company-owned or employee-driven car is involved in an accident-causing serious bodily injury or property damage, how much for the cost of commercial auto coverage or insurance that is beyond commercial auto insurance cover is used, the business may be potentially liable. This is where a commercial auto insurance policy really proves its value. Comprehensive commercial auto insurance policy coverage includes liability protections that defend your business if a claim is brought against it after being covered by your commercial auto policy or insurance coverage accident. Policies specify the maximum amount of money your commercial auto insurance policy or insurer will pay out before your own personal car insurance policy or company would be responsible, such as $1 million per incident. Common auto insurance liability claims involve injuries to third parties from physical contact between vehicles. Defending even unjust claims can run thousands in legal fees without liability coverage from car insurance and insurance providers. By maintaining sufficiently high auto liability coverage limits for personal car insurance policies, you ensure claims resulting from company-related driving mishaps don’t threaten your business financially. Higher auto liability coverage limits also show that liability insurance coverage still plays an important role in fulfilling contractual, personal car insurance policies and requirements for your operations. Protect Valuable Vehicle Assets For many businesses, vehicles are essential operational equipment rather than just a means of transportation. Commercial auto insurance or full commercial auto insurance quotes and commercial car insurance coverage include vehicle physical damage protections. Comprehensive insurance rates or commercial auto insurance quotes and full commercial auto insurance costs for car insurance, coverage repairs or replaces insured vehicles damaged by events like collisions, weather incidents, and more protect your investment. Collision coverage kicks in for repairs after accidents, regardless of who is at fault. Comprehensive protection for your personal vehicle fleet helps safeguard valuable capital assets essential to your business purposes daily operations. Maintain Mobility for Business Even minor vehicle incidents or temporary property damage can disrupt time-sensitive shipments, deliveries, appointments, and overall business functions that rely on transportation. Commercial auto insurance coverage supports mobility and continuity in these situations. Comprehensive commercial auto insurance coverage also helps get vehicles back on the road promptly through repairs. Rental reimbursement pays for short-term replacement vehicles so employees can keep fulfilling their transportation-dependent duties. Collision coverage from commercial auto insurance companies also pays for necessary repairs after an at-fault accident to return vehicles to service. Extensions of commercial auto insurance collision coverage, like towing and labor coverage, contribute further to average commercial and auto insurance costs by paying to transport damaged vehicles for repairs, without any out-of-pocket costs to the business. The right coverage and commercial policy deliver valuable peace of mind for how

What Is General Liability Insurance for Small Business?

If you own or operate a small business, general liability insurance (GL insurance) plays an important role in protecting your company from unforeseen financial losses. As a business owner, you face daily risks that could result in accidents or injuries occurring on or around your business premises. This is where GL insurance for small businesses becomes valuable – it provides coverage that can help cover bodily injury, property damage, or other losses you are obligated to pay due to a legal liability claim. This introductory guide will help explain the basics of GL insurance and why it is a crucial piece of risk management protection for small companies. Why Small Businesses Need General Liability Insurance Coverage As a small business owner, you work hard to care for customers, clients, or patrons. However, unexpected hazards or accidents may occur within your small business premises or arise from your operations, resulting in injuries, property damage, or other losses. If someone holds your small business you legally liable, lawsuits can be filed seeking compensation. Defending yourself can present heavy cost burdens. Without GL insurance coverage, you’d need to either cover legal defense costs and any such legal expenses, damages, and fees from your company’s assets. Acquiring the right amount of GL insurance coverage protects your small business financially and allows you to focus on your work without stressing about legal defense costs and potential liability risks. This coverage can help cover legal defense costs and save your small business from unaffordable losses. What Is Covered by Business Liability Insurance General liability insurance covers your legal liability if a third party suffers bodily injury, property damage, or other insurable losses due to your operations. A general liability insurance policy extends protection in case of accidents and injuries on your business premises or arising out of your products/services resulting in legal claims. Some key types of commercial general liability insurance claim exposures covered by cyber liability insurance include damages due to slips/trips and falls, vehicle accidents, defective products or workmanship, and fire or health hazards. Coverage also extends to legal costs like attorney fees incurred in defending claims filed against your personal and commercial property insurance, advertising injury, or business that are covered under the policy terms. This coverage can provide peace of mind, knowing you have protection for uncovered costs from liability claims and court costs related to your personal and general liability insurancerequired for advertising injury or business operations. Bodily Injury and Property Damage Among the core components of a general liability insurance policy is coverage for bodily injury and property damage claims. Bodily injury protection helps cover legal compensation and medical costs if a person suffers harm, hurt, or sickness from an accident or exposure linked to your business or personal assets. Property damage coverage pays for repairs, replacement, or compensation if a person’s property or someone else’s property is harmed, destroyed, or lost due to your operations. For example, if poor safety leads to employee injuries or a fire that ruins a neighboring store, any rebuild costs or inventory losses would be claim-eligible. Personal/Advertising Injury In addition to bodily harm and physical damage to property, general liability insurance policies also cover what are called personal and advertising injuries. Personal and other personal injury and personal and advertising injury you can get general liability insurance that applies to non-physical injuries like libel, slander, defamation of character and infringement of privacy rights. This helps protect your business if someone accuses it of causing such non-physical harm. Advertising injury provides coverage for claims made against your business owner’s policy to your company due to unintentional infringement of copyright, unauthorized use of titles or slogans in advertisements, incorrect portrayal of goods or services in ads, and other such exposures. Both these protections offer recourse if your business faces legal fallout from unintentional damages to people else’s property, reputations or rights through advertising activities. Medical Payments Coverage In addition to liability insurance, general and business insurance policies may include medical payments coverage. This optional protection reimburses medical expenses incurred by any third party bodily injuries or parties who are accidentally injured on your business premises, regardless of who is found legally liable. This allows your insurance company to demonstrate care for those harmed without needing to either cover medical expenses, medical treatment, and legal defense costs or wait through a legal investigation of professional liability coverage itself. Medical payments are particularly valuable if someone visits your store, slips, and needs emergency care since it simplifies cost handling outside of professional liability insurance claims. However, the coverage limits are usually lower than the bodily injury protection provided under the main insurance company’s policy. Premises/Operations Coverage One of the core parts of a commercial general liability and insurance policy is premises and operations coverage. This protects your business against liability claims that arise from accidents due to conditions or events related to the upkeep of your business property and the typical business operations conducted therein. It helps cover lawsuits for injuries happening to a customer’s property, sues, customers, employees, or others due to slipping hazards, unsafe conditions, or dangerous activities carried out at the insured customer’s business property or premises. This cyber liability insurance enables small business owners to confidently ensure that core on-site work and property risk management are financially secured. Products/Completed Operations In addition to covering liabilities arising from premises risks, general liability insurance for small business also provides important protection for injuries or damages resulting from defective products or faulty services. Product liability insurance applies to situations where a consumer suffers harm from a product manufactured, sold, or distributed by the insured business. Completed operations coverage needs general liability insurance to protect your company if someone gets hurt or someone else’s property experiences damage from work performed that resulted in a defective service. Both serve to relieve the financial responsibility if your goods, professional services, or work fail to perform as reasonably as expected, resulting in harm and a legal claim years later. Contractual Liability

What Business Restaurant Insurance Policy?

Operating a restaurant comes with significant risks that can threaten the financial stability of the small business itself. Between the dangers of a foodborne illness, illnesses contaminated food itself, equipment malfunctions, food contamination, customer accidents, and employee injuries; unforeseen losses are an unfortunate reality for many food service establishments. While downtime from claims and legal battles can be stressful, the direct costs of damages, medical bills, and lost income pose an even greater risk without proper protection. This is where liability insurance plays a vital role for restaurants. By transferring certain specified risks to an insurance company, restaurant insurance policies help protect restaurant business owners’ policies from potentially catastrophic losses. These losses could destroy years of hard work and investment. Not only does a restaurant business owner have an insurance policy and coverage to provide peace of mind during unexpected incidents, but it is also considered a necessary cost of doing business legally and ethically. Restaurants have both a moral and, in some cases, legal obligation to ensure the safety of patrons and hire employees, staff, and the public through adequate liability protection. Understanding Business Insurance for Restaurants The types of restaurant and business insurance that are most pertinent to food service operations generally fall under general liability, property, workers’ compensation, commercial auto, business interruption, and umbrella policies. So, how much does restaurant insurance cover? Each restaurant’s insurance plays an integral part in shielding the various assets and operations of a restaurant from harm. However, with varied choices of providers, coverage limits, and additional coverage options now available, deciding what types of restaurant insurance and business insurance to purchase can seem complex – especially for new restaurant owners. This guide aims to help restaurant owners and operators navigate these significant decisions by providing a breakdown of the core types of restaurant insurance, the types of business insurance, and the coverage recommended. Also examined are options for tailoring policies to individuals and how much restaurant insurance, business insurance, and owner policy are needed. With well-planned restaurant insurance, business insurance, and portfolio, owners can focus on running a successful operation rather than financial loss from unforeseen events. Why Restaurant Business Insurance is Essential While insurance comes at an additional expense, it is crucial for protecting the long-term viability of a restaurant or food business itself. The unpredictable nature of risks like accidents, equipment malfunctions, and natural disasters makes adequate insurance critical for sustainability. A random event such as a fire could force permanent closure without business interruption or property coverage to continue paying bills until reconstruction is complete. Liability insurance is equally important, as even one unresolved injury lawsuit from a customer could bankrupt an underinsured establishment. Restaurant Insurance Cost and Coverage: A Compulsory Duty Restaurant owners must also have insurance and cost coverage and consider the safety of staff, patrons, and the wider public as part of business operations. Failing as a restaurant insurance company or policy to cover the costs to maintain sufficient liability limits leaves individuals and the restaurant insurance or company themselves personally vulnerable to financial compensation for third-party harm. Workers’ compensation under the restaurant insurance quote is essential to fulfilling legal obligations for employee healthcare and wages if hurt on the job. Without a full restaurant insurance policy and full restaurant, insurance costs quote, trying to absorb the total cost of an unexpected yet sizable loss would likely spell the end for all but the most established eateries. Even limiting or reducing your full restaurant insurance cost to save on premiums is a risk not worth taking, considering one major claim could potentially exceed years of savings. For these reasons, professional full restaurant insurance cost quotes, and full restaurant insurance cost and advice are highly recommended to keep a restaurant protected and remain a viable part of the community for years to come. 7 Types of Business Insurance Every Business Restaurant Must Have General Liability Insurance General liability insurance protects restaurants from further legal costs, defense costs, and financial losses due to injuries or harm occurring on the restaurant industry business premises. It covers legal claims, medical bills, and costs that may arise if customers or the general public experience accidents during visits to the establishment. Typical general liability insurance policies will protect your business against bodily injuries, property damage, and other related expenses like medical bills and costs. Adequate full liability coverage and limits, usually expressed in amounts of at least $1,000,000, are important based on the significant costs that bodily injury claims can involve. Additional coverage options may provide higher full liability coverage maximums if your business sells alcohol or caters for larger events. What Restaurant General Liability Coverage Works for? Losses resulting from poor restaurant maintenance, property damage, or negligence are also factors this restaurant liability insurance would cover; restaurant liability insurance is designed to address these issues. An example might involve someone’s property failing to properly remove debris that causes a patron to slip and sue for restaurant insurance to cover the costs of medical bills and lost wages. General restaurant liability insurance cover would cover the restaurant owner’s legal defense costs and any settlement or judgment awarded. In addition to primary premises liquor liability insurance for restaurants that serve alcohol, some fine dining and restaurant insurance policies may be extended to off-site catering events and deliveries. This insurance helps protect and manage risks if utilizing mobile fast food, trucks, or pop-ups away from the main location to protect your business. General liability insurance remains a staple protection for the fine dining and restaurant industry and establishments due to the regular frequency of minor customer injuries and the risks of larger-scale events. Maintaining current liability limits suited to the size and scope of a food and beverage business food poisoning, and operations provides essential peace of mind. It protects food and beverage businesses’ finances and personal assets from costly lawsuits alleging negligence on the property or during food handling incidents resulting in foodborne illness anywhere. Property Insurance No business owner wants to see years

What Does General Liability Insurance Cover for Contractors

If you work as a home remodeler or construction contractor, then general liability or contractor insurance or liability insurance for contractors is very important. It protects your business from financial losses if accidents happen on job sites. General liability contractor insurance, also called commercial general liability (CGL) insurance for contractors, helps keep contractors responsible and professional. Contractor or professional contractor liability insurance covers injuries to workers, clients, homeowners, and the public during work. It also protects any contracting business from professional contractor liability insurance against lawsuits if someone claims your work caused bodily injury or property damage. Without professional contractor liability insurance, medical bills, legal fees, or repair costs from an accident could be financially devastating to contracting workers Liability insurance pays damages or reimbursements on your behalf if someone sues you over injuries or property damage from your business operations. Policies usually provide for insurance of between $500,000 to over $1 million in coverage limits. This insurance protects contractors and construction businesses from any financial losses or legal or insurance problems caused by employee injuries or unexpected accidents on jobs. This article will explain the types of contractor works covered by general liability insurance covers, coverage limits, common risks, standard policy details, extra options to consider, cost factors, understanding your policy, and more. Our goal is to help contractors learn about this important insurance and make good decisions to protect themselves and their businesses. Let’s start with an overview of common what general contractors’ general liability insurance covers, policy covers, and risks contractors face. Common Liability Risks for Contractors As a contractor, there are many potential risks on every job that liability insurance covers. It protects against injuries, property damage claims, and lawsuits from these risks. One main concern is work injuries at job sites. Accidents like falls from ladders, trips over tools, or injuries from heavy lifting are easy to happen. Liability insurance coverage covers employee injuries, you’d pay all medical bills or lost wages. Damaging a client’s home during work is another big risk. For example, accidentally cutting pipes while remodeling a bathroom. Leaky tools are staining hardwood floors or tools falling off scaffolding, and breaking roof tiles. Repair costs can be very expensive. Issues after a job are also a risk, like foundation cracks blamed on past work. Warranty claims or lawsuits may come years later. Not meeting agreements is another risk. Failing to finish jobs on schedule as promised. Using low-quality materials could increase legal complaints where you pay compensation. Personal injuries are also possible if someone gets hurt at a job site you manage. Flying debris or falling equipment near active work may lead to liability and workers’ compensation claims too. Legal fees to defend against unfair claims would come out of your pocket without any liability insurance coverage, though. Insurance helps pay lawyer costs instead of you paying personally. With these common on-the-job risks, the importance of good liability protection and insurance carrier is clear for any commercial auto or contractor. Our next section examines policy limits and what standard commercial auto and contractor insurance policies usually cover. Standard Liability Insurance Inclusions While risks vary significantly by trade, most general contractor general liability insurance policies cover certain basic risks and types of claims contractors may face. Without endorsements or specialized riders, the above general contractor’s general liability insurance company policy will respond to incidents involving: Bodily Injury This includes medical costs and workers’ compensation if someone is hurt either on a worksite or a bodily injury due to contracted work. Lost wages and medical costs are usually included in workers’ compensation or next insurance of workers’ compensation if the bodily injury results in the inability to work. Property Damage If contracted or faulty workmanship causes commercial property to be broken, destroyed, or damaged. For example, a fire caused by negligence that spreads and ruins a new addition or commercial property. Personal and Advertising Injury For claims of libel, slander, and invasion of privacy through work-related acts or other forms or publications. Medical Payments Small amounts like $5,000 to cover medical expenses, bills, all medical expenses, bills, and expenses for work injuries regardless of fault to injured parties. Payment is expedited to help with bills and cover all medical expenses, bills, and expenses. Legal Liability Defense and settlement costs become involved if a bodily injury or property damage lawsuit is filed against the general contractor insurance carrier or the insurance company with or holding the policy. Non-Owned Auto Liability Incidents occur from job site vehicles not technically owned by the construction industry, construction site, or company or not legally required by the construction industry or contractor but under their care, custody, or control during operations. General liability policies may also provide some coverage extensions like temporary premises, construction businesses like job sites, snow/ice removal or debris removal operations, and goods/products the contractor installs but does not manufacture. Together, these standard inclusions create a strong baseline protection against common construction exposures. Optional General Liability Insurance Policy Add-Ons To this point, we’ve discussed various standard and optional general liability insurance coverages available to contractors, general liability coverage, personal and advertising injury insurance coverage, and contractor insurance and liability policies. However, choosing the right general liability coverage, personal and advertising injury, and contractor insurance and policy involves considering several factors that determine pricing. Contractors must obtain a policy that balances their needs with affordability. Perhaps the largest factor influencing rates is the type of work performed, as some activities in construction industry inherently carry more risk than others. Specializing in areas like demolition, excavation, or infrastructure projects may lead to higher premiums compared to more routine tasks like interior remodeling or repair work. Additionally, policy underwriters will analyze the construction company’s total annual revenue and payroll amounts to assess the whole general contractor business, scope of operations, and potential exposure to claims. Larger contracting firms or construction companies with numerous employees and high turnover are likely viewed as a greater risk than solo practitioners or small outfits. What

How Much Does Restaurant Insurance Cost?

Running a restaurant comes with many challenges. In addition to providing great food and service, restaurant owners also must think about protecting the business. Accidents, injuries, storms, or other issues can unexpectedly cause expensive damage or legal problems. Without enough insurance, even one big claim could force a serious restaurant owner to close forever. Figuring out a restaurant business insurance cover can seem complicated with so many options. Restaurant owners want to save money and control costs, but not having the right coverage is riskier. The good news is that research helps tailor affordable business insurance plans custom to each restaurant owner’s needs. This guide discusses common business insurance for food service. We’ll look at important business owner’s policy types like property, liability, and workers’ compliance. Things like how much they cost and factors affecting rates are covered, too. Tips for finding quotes are included. Resources can also help understand ongoing responsibilities and claims processes. With research, restaurant owners everywhere can make informed choices to safeguard their livelihoods and budgets. General Liability Insurance for Restaurants General liability restaurant insurance cover is probably the most important property insurance policy for restaurants. It covers you if a customer or employee gets hurt in your restaurant and sues you. Injuries can happen easily in busy restaurants. Things spilled on the floor, like food or drinks, can cause someone to have slip-and-fall accidents, too. Machines could also break down and hurt someone. And if food poisoning was reported from contaminated food on your menu, that’s a potential claim, too. Most general liability policies payout at least $1 million but can go higher depending on your business property and needs. The cost differs between restaurant insurance based on details like your seating size, staff numbers, and building features. Chains usually have minimum amounts set in their contracts next insurance, too. On average, independent places pay around $2,000 per year for liquor liability coverage, while bigger chains pay $5,000 or more. Insurance companies look closely at your risks to set the rates. Importantly, liability coverage doesn’t just pay bodily injury costs if a court says you’re at fault. It also covers your legal defense fees if you get taken to court, which can get very expensive. The insurer handles lawyers and other legal fees, which takes a big worry off your mind. Property Restaurant Insurance Cost Protecting the facilities and assets of a business property from losses due to lawsuits and crime-related financial losses like property damage due to fire, wind damage, and vandalism. This helps cover rebuilding or repair costs if the business property, building itself, or owned equipment inside experiences covered causes of destruction or theft. IT and business interruption insurance also provide access to funds to help resume business operations as quickly as possible through endorsements like business interruption coverage. Standard commercial property insurance policies will cover the physical structure housing the restaurant business if owned by the operator. This includes features like the roof, plumbing, electrical wiring, and built-in appliances. Contents inside, like owned furniture, supplies, and décor elements, are also covered for replacement value. Having current photo/video documentation of these items helps expedite any claims process. Additionally, most commercial property insurance policies can be tailored with optional added provisions. For example, business personal and commercial property insurance coverage extends protection to personal vehicles to cover removable items like chairs, smallwares, and electronics taken off-premises. Valuable equipment may warrant schedules of increased limits as well as equipment breakdown coverage. Coverage for loss of lost income or for lost income or wages during rebuilding is also highly recommended. Typical annual premium costs for commercial property insurance will fall in the $1,000 to $3,000 range on average, depending on factors like location risks, age and construction of the building, square footage, security features, and amount of contents insured. Higher-risk areas may increase these rates. Maintaining regular maintenance and safety practices can also positively influence underwriting decisions over time. Restaurant Workers’ Compensation Insurance No matter how much restaurant insurance or how diligent a business owner policy, a business owner’s policy, owner policy, and managers are about maintaining safe conditions. Accidents and customer injuries can, unfortunately, happen in a busy work environment like a restaurant. Protecting employees in the event of on-the-job injuries is the role of workers’ compensation insurance. Employer’s liability insurance coverage provides for medical bills, benefits, and lost wages to staff hurt while performing job duties, regardless of who may be at fault for bodily injury. It can save restaurants thousands in potential lawsuits related to legal fees, medical bills, and payouts by taking the question of liability off the table in such situations. Workers’ comp rates are determined by evaluating risks within a restaurant industry, a particular state’s classification system based on business activities performed. Restaurant industry classifications will vary depending on what they present especially hazardous duties like frying or use of powered equipment. Average annual costs typically range between $1,000 and $3,000 per year based on number of full-time staff. Larger high-risk operations may pay up to $5,000 or more. Part-time or seasonal employees are often excluded to reduce premiums in many states. Keeping updated records on staffing levels allows carriers to accurately rate policies for the number of covered individuals. Maintaining a safe workplace through training programs and compliance with regulatory standards can also positively influence renewal prices over the long run. Commercial Property Insurance Cost for Auto Restaurant While many establishments have lost income or lost wages from only minimal business use of vehicles, some restaurants do have business income and require regular transportation needs that warrant commercial auto coverage inclusion. This involves any company-owned or personal vehicles used in the restaurant business for work purposes such as delivery of catering orders, a food truck transporting supplies, and bringing staff to off-site industry functions. Standard commercial auto policies provide liability protection similar to other general liability and business interruption insurance coverage by protecting legally from claims and medical expenses arising from auto accidents. Comprehensive and collision coverage

Workers Compensation Credits

Did you know that you could qualify for Credits on your Workers Compensation policy? The 2 most common types of credits are Safety Credits 2% credit Is there someone who can help me to establish a Safety Plan for my business? (Reference, Florida Dept of Financial Services website) Drug Free workplace Credit- UP to a 5% premium credit Is there someone who can help us set up a Drug Free Workplace? (Reference, Florida Dept of Financial Services website) Less Common Florida Contracting Classification Premium Adjustment Program This credit applies to qualifying employers that perform contracting* operations who pay their employees more than the average wage for the state *read form for eligible contracting classes If your policy is not based in the state of Florida, contact us and we can help guide you in the right direction of who can help you set up a Safety or Drug Free plan.

Commercial Property – Different Coverage Forms (Basic vs. Broad vs. Special)

A lot of business owners purchase commercial property insurance for their buildings, but rarely do they know what they are purchasing. There are 3 different coverage forms: Basic, Broad and Special. It makes sense that Basic has the least amount of coverages and Special has the most, so the more coverage you get, the more expensive the coverages, but is it worth the extra expense for the additional cost to get the added coverages. As a business owner, that is your decision. To make it easy to see the coverage differences, we’ve included the below chart: Cause of Loss Forms – Comparison Chart * Windstorm or Hail, Vandalism, and Sprinkler Leakage may be individually excluded by endorsement** Exclusion for vehicles owned/operated by named insured Although the chart includes the Types of loss commonly covered by each form type, be sure to review these coverages with your agent. Ask your agent if the policy is covered by an Admitted or an Excess and Surplus Lines Company. Standard Companies policy forms are reviewed and approved by the state, but Excess and Surplus Lines Companies do not need to file their policy forms with the state, so be careful when purchasing these policies and review all of the exclusions with your agents. For example, some Excess and Surplus Lines Companies will offer Special Coverage, but exclude Water Damage and/or Theft Coverage. Other Coverages To Consider relating to Commercial Property Insurance You may have noticed that the Broad and Special Form cover water damage, but does not include flood. To clarify, Water Damage would be the bursting of a water pipe, but flood is the rising of surface waters caused by an outside source such as heavy runs or a storm surge. Flood Policies can be purchased separately. Even if you are not in a flood-prone area, it is a good coverage to consider. The National Flood Insurance Program has stated that 40% of claims come from moderate to low risk flood areas. Lastly, we highly recommend adding Business Interruption Coverage to your Commercial Property Policy (also known as Business Income and/or Extra Expense Coverage). This coverage provides any loss of income that could occur if you have a covered loss that causes your business to close or relocate during the time it would take to repair your building. If you are interested in a quote or want to discuss your Commercial Property Coverage needs, call us 352-333-3775 or email us at

Worried about the Workers Compensation Annual Audit? Don’t be! How to be prepared and impress the auditor!

You Can Rely on Us Worried about the Workers Compensation annual audit? Don’t be! How to be prepared and impress the auditor! After the expiration of the policy period, a worker’s compensation audit will be performed either by phone, mail, or in person.  This audit is performed by the insurance company or a 3rd party to verify that the payroll class codes that were quoted are still accurate after the policy period. It, also, compares the estimated payroll during the audit period to your actual payroll paid during that period. Based on the difference, you will receive a bill or a credit to your account. Below is a checklist of documents that the auditor may ask for: PAYROLL RECORDS EMPLOYEE RECORDS RECORDS OF PAYMENTS AND CASH DISBURSEMENTS CERTIFICATES OF INSURANCE DETAILED DESCRIPTION OF YOUR BUSINESS OPERATION OWNERS, OFFICERS AND PARTNERS INFORMATION – INCLUDING PAYROLL INFORMATION TIPS to control your Workers Comp Premium cost Be specific with the auditor about officer and employee duties. The Workers compensation policy is based on payroll and the type of work that the employee or officer performs.  If an officer or an employee is only performing clerical work, the rate for that type of work is much lower than most other types of work. Be accurate about the duties of each employee. Also, when an employee is performing more than one duty, usually their payroll is calculated at the highest-rated class code. If possible, separate the payroll for each job duty, so you do not end up paying more. Remember to keep up with your exemptions, set a reminder for a month before the exemptions expire. If your exemption does expire, you will have to pay to include the officer. If it expires mid-term, there will be a pro-rated premium associated with the officer’s inclusion. Next, when hiring subcontractors, be sure to ask for certificates of insurance before the job starts, and make sure it includes workers compensation coverage. If you can prove the contractor that you hired has workers compensation insurance, and you have proof of coverage for the policy term, their payroll can be excluded. However, if they do the job without providing it, you are less likely to get them to provide it for your audit. They are on to the next job. Lastly, seek the help of a professional. If you are using a payroll company or accountant, ask them for help with your audit.  They should be able to quickly access most of the reports and payroll information that your auditor is requesting. Tags: Premium AuditWC AuditWork CompWorker’s Compensation